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Developers should focus less on the benefit from the opportunity zone incentives and more on the overall return from investing in the property, says Jeff Monge, managing partner of Monge Capital.
Brass Enterprises acquired the recently developed 348-unit community in January from The Allen Morris Company of Coral Gables, FL in a deal valued at $107.6 million.
Investors have been active in Sacramento during the last year because of low vacancy, high demand, lack of new construction and affordable developable land, resulted in a spec development spike.